Bitcoin Whales Break Accumulation Record, But Overall Sentiment Remains Flat
The largest Bitcoin wallets, holding over 10,000 BTC, have been accumulating coins at an impressive rate in August. This cohort of whales has broken its previous record from March, when they added 23,238 BTC, with a net accumulation of 46,420 BTC over the past two months.
This significant buying activity is being closely watched as a potential sign that Bitcoin is ending its bear market. However, the overall sentiment remains flat, with most cohorts still distributing coins and showing weak spot demand.
According to Cryptoquant data, retail wallets entered a period of distribution in August, while the top whales continued to accumulate coins. The smallest holders of 0.1 to 1 BTC distributed 9,700 coins net, indicating that they are decreasing their exposure to Bitcoin.
The recent on-chain and exchange data suggest that demand for Bitcoin is shifting towards Asian and other global venues. Binance has seen daily inflows of stablecoin liquidity, which may be allocated to Bitcoin in another round of accumulation.